December 12, 2013 3:03 PM

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Doha Bank grants license to start its banking operations in India

Doha Bank has been granted the license to start its banking operations in India. The bank has been permitted to open a branch in Mumbai to provide full-scale banking services.This was announced by the Chairman of Doha Bank Board of Directors Sheikh Fahad Bin Mohammad Bin Jabor Al-Thani in Doha. He said that the move comes in the wake of the expansion strategy of Doha Bank at the local, regional and international levels.Doha Bank now becomes the first Qatari bank to get the license from the Reserve Bank of India to start operations in India.The bank plans to start its operations soon as a Foreign Bank branch in the city of Mumbai. It will offer wholesale banking, retail banking, treasury and trade finance services.CEO of Doha Bank, R.Seetharaman said that stated that there is a large Diaspora of Indian population in Qatar and GCC and there are many Indian companies are active in infrastructure projects.Therefore the move will pave the way for the bank to support all expatriates especially in foreign remittances.He added that the license will further enhance the role of Doha Bank in facilitating the trade and investment co-operation between Qatar and India.Doha Bank is the largest private commercial bank in Qatar with 11 representative offices across the globe including Dubai.

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